Binance Coin price is bearish as it has broken below the EMAs. However, will the BNBUSD price continue the downtrend? Gain insight into the following technical analysis.
Binance Coin Price Technical Analysis
Yesterday August 14, the price of Binance Coin was in the bearish trend. The bears broke below the 12- and 26-day Exponential Moving Averages (EMAs) to reach the bearish trend zone. On August 10, Binance Coin price traded at the $30 level but was resisted and it dropped to the $18 level. BNB price rose again briefly but then fell off again, dropping to the $29 level. Currently, Binance Coin price is trading below the EMAs at the $27 level.
On the downside, if the price continues its fall, the market will drop to $24 or even revisit the previous lows of $18 price level. On the upside, if the bulls break above the EMAs, the price of BNB will rise and retest the $30 price level.
In the meantime, Binance Coin price is at the oversold region of the daily stochastic while below the 40% range. This indicates that the price is in the bearish momentum and a sell signal.
BNBUSD Price Short-term Analysis
On the 1-hour chart, BNBUSD price is in a bearish trend. The 12- and 26-day EMAs are sloping downward. Today, the price of BNBUSD is fluctuating below the EMAs indicating that price is likely to rise.
BNBUSD price is trading at the daily stochastic in the overbought region while below the 80% range. This is an indication that the price is in a bearish momentum and a sell signal.
- Resistance Levels: 27$, $30¸ $31
- Support levels: $27, $24, $18
Disclaimer
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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